Britain must embrace 30pc tax revolution to boost growth May 20, 2012 IT is time for Britain to make a vital choice. Our economy is stagnant, with unemployment at horrendous levels, crippled by excessive public spending and a punitive tax system. There are two options. We can either tweak the status quo – try to keep a lid on spending, reform bits of the public sector and [...]
Saudi overtakes Russia as top crude producer May 20, 2012 Saudi Arabia has edged ahead of Russia in being the world’s biggest crude oil producer for the first time since 2006, official data showed yesterday. Figures collected by the Joint Organisations Data Initiative (JODI), whose inputs include data from Eurostat, the IEA, the UN and OPEC, show the Middle Eastern state producing 9.923m barrels per [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 20, 2012 FINANCIAL TIMES Funds’ €60bn to buy European bank debt Hedge funds and private equity firms have amassed almost €60bn to buy loans from stricken European banks in coming years as many of the continent’s lenders seek to shrink their way to health, according to a PwC survey. PwC estimates European banks have almost €2.5tn of [...]
Tax reform can drive recovery, say think tanks May 20, 2012 CUTTING and simplifying taxes would significantly boost the UK economy, according to a report released this morning that urges the government to adopt a comprehensive plan for growth. Taxes should be reduced to no more than one third of national income by the end of the decade, according to the 2020 Tax Commission, a group [...]
StanChart: UK encouraging shift of money to Asia by goldplating May 20, 2012 THE HEAD of Standard Chartered’s European bank has warned that the UK is accelerating the shift of economic power from west to east by goldplating bank regulations. Richard Holmes, head of StanChart’s European business, told City A.M. that Britain’s approach could cause a “creep” of investment away from London. “What’s going on here is forcing [...]
Manduca in line for chairman’s role at the Pru May 20, 2012 PAUL MANDUCA, one of the City’s best-known fund managers, is set to become the new chairman of Prudential, putting an end to a five-month search for Harvey McGrath’s successor. Manduca, 60, joined the board of Prudential, the UK’s biggest life assurer, as a senior independent director in October 2010 and has been overseeing the search [...]
Credit Suisse looking for buyers for JO Hambro wealth manager May 20, 2012 CREDIT Suisse is looking for a buyer for JO Hambro Investment Management, a small asset manager it bought in 2000. It is understand that the bank is “considering its options” for offloading the business, which is a separately run operation within Credit Suisse’s private bank. It is not clear how much it can get for [...]
Nasdaq admits to errors during Facebook’s IPO May 20, 2012 THE CHIEF exec of Nasdaq admitted yesterday that technical problems delayed the opening of Facebook’s initial public offering (IPO) last week. Robert Greifeld said the bungled start was “not our finest hour” after the exchange’s IT system failed to cope with high levels of demand. Eventually, the $38 shares opened at $42 on Friday and [...]
Coutts focuses senior hiring on Middle East and Asian business May 20, 2012 COUTTS has hired a troupe of senior executives in the Middle East in Asia, but is less keen on boosting its UK hiring after what it sees as enough growth in London over the last decade. The private bank, which is owned by RBS, has brought on board around 20 top managers to boost its [...]
MAN Group inks deal for FRM May 20, 2012 Hedge fund Man Group said last night it had agreed to buy FRM Holdings, a hedge fund research and investment specialist with funds under management of around $8bn (£5bn). Man will integrate FRM into its multi-manager business, to create a new entity with combined funds under management of approximately $19bn. Man will not make any [...]
